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International Monetary Fund Economic Indicators and Economic Growth in Nigeria

Author

Listed:
  • A. C. Onuorah
  • Ozurumba Benedict Anayachukwu

Abstract

International Monetary Fund economic indicators for developing and developed nations’ performance are very critical to the survival of any nation. This paper focused on the determinant of macroeconomic indicators of IMF performances on Nigeria Economic growth. Secondary data were sourced from the CBN statistical bulletin, 2015. Various econometric techniques were used to analyze the data. The variables violated OLS but were stationary and co integrated at most 2*. VAR model estimate suggested that exchange rate stability contributed significantly to the growth of Nigeria economic. External debt outstanding performances positively on the GDP but it is not too healthy for the Nigeria state as borrowing over the years have not contributed significantly to the infrastructural development and effective services. Finding also confirmed that unemployment has negative impact on GDP and that long run relationship between unemployment and GDP indicating that employment drives the economy of the nation based on the IMF performance measures. The study recommended that for Nigeria to survive the present economic looming crisis there is need for the economic team of the present government to look inward by way of diversifying the economic, improving the external reverse ratio through mopping up corruption to reduce debt. Effort to pay off some of the debt for economic dependence is very important as it will encourage local industries to survive which in turn increase export earning to the country. Upon all, employment generation is very crucial to the GDP.

Suggested Citation

  • A. C. Onuorah & Ozurumba Benedict Anayachukwu, 2016. "International Monetary Fund Economic Indicators and Economic Growth in Nigeria," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 7(1), pages 30-37.
    • Handle: RePEc:rss:jnljms:v7i1p5
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    References listed on IDEAS

    as
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    3. Graham Bird & Dane Rowlands, 2007. "The IMF and the mobilisation of foreign aid," Journal of Development Studies, Taylor & Francis Journals, vol. 43(5), pages 856-870.
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